Monero, a privacy-focused blockchain, is ready for a significant upgrade over the weekend. This cryptocurrency protocol is famous for its unique ecosystem that offers complete privacy by concealing the sender, receiver and amount of crypto while transacting using its native cryptocurrency, XMR.
According to an official tweet, the Monero blockchain will undergo a significant network upgrade on the 13th of August.
This upgrade will introduce significant changes and new features in the Monero protocol. As per a blog post published on Getmonero.org, the network will receive “The Largest ever absolute increase in the base anonymity set,” making it one of the most robust privacy-oriented blockchains,
With this upgrade, the overall transaction on the Monero blockchain would be relatively faster and lighter; also, it will improve the “security and resilience of the network” against the rampant attacks by hackers.
Monero, initially founded in 2014, has topped among the privacy-themed cryptocurrency. The recent upgrade will boost the blockchain to meet the demands of the continuously growing blockchain space. Although the hard fork is proven to increase the price of the native cryptocurrency, the XMR price has not surged yet. The technical parameter of XMR looks strong in 1 day timeframe, and currently bullish sentiment of crypto market can add further momentum and drive the price in upward direction.
XMR price is currently resting in a crucial support level and already rejected for a few times from its first resistance. This upgrade may give the much awaited push to break the current resistance and continue with the its positive trend. In shorter timeframe, XRM price could easily move towards $201, a nearly 20% increase in its price.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.